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Author Question: Last year, Alice bought 40 CDs when her income was 20,000 . This year, her income increased to ... (Read 95 times)

cmoore54

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on: Jun 30, 2018
Last year, Alice bought 40 CDs when her income was 20,000 . This year, her income increased to 25,000 . and she purchased 48 CDs. We can conclude that:
 a. Alice's price elasticity of demand for CDs is equal to 1.
  b. Alice's demand for CDs is price-inelastic.
  c. Alice's demand for CDs is price-elastic.
  d. the income elasticity of demand for CDs is negative.
  e. CDs are a normal good.

Question 2

An economic profit of zero indicates a satisfactory situation for the firm.
 a. True
  b. False
  Indicate whether the statement is true or false


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dreamfighter72

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Reply #1 on: Jun 30, 2018
Answer to Question 1

e

Answer to Question 2

True


cmoore54

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Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

hollysheppard095

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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